# Kao Panel Cointegration Tests

| Test | Dep Var | Countries | t-bar | Kao Stat | p-value | Sig |
|---|---|---|---|---|---|---|
| Z → gross_assets | gross_assets_gdp | 177 | -1.889 | -7.955 | 1.0000 |  |
| Z → portfolio_assets | portfolio_assets_gdp | 176 | -2.064 | -11.514 | 1.0000 |  |
| Z → debt_share | debt_share_assets | 177 | -1.857 | -7.303 | 1.0000 |  |

*H0: no cointegration (unit root in residuals). Reject if p < 0.05.*